上市公司自身财务能力与持续现金股利政策——基于沪深A股数据的实证研究

On Listed Companies' Financial Ability and Durative Cash Dividend Policy——An Empirical Research on A Shares' Data of Shanghai Stock Exchange and Shenzhen Stock Exchange

文章以1999-2004年每年都派发过现金股利的沪深A股上市公司为样本,探讨了上市公司盈利能力、长期偿债能力、获取现金能力和发展能力对其持续现金股利政策的影响程度。实证研究结果表明:在持续现金股利政策下,上市公司实现的盈利约有40%作为现金股利派发给了股东;而上市公司长期偿债能力、获取现金能力和发展能力对其持续现金股利政策无显著影响。

This paper takes ninety listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from1999 to2004 as the research objects, discussing the impact degree of payoff ability, long-term debt paying ability, acquiring cash ability and developmental ability of these enterprises to their durative cash dividend policy. The conclusion puts up that the choosing listed company give 40 % of their own payoffs to their shareholders; effect of long-term debt paying ability, acquiring cash ability and developmental ability are not remarkable.